Earticle

초록

영어

Recent evidences indicate that privatization leads to enormous benefits to society, with few, if any, undesirable costs. However, stakeholders of privatization seem not to be satisfied with the resulting performance of privatized firms. Using data from 202 privatized firms from 37 countries during the period 1980–2002, we follow the long-run operating performance of privatized companies for up to 10 years and study the costs and benefits of privatization. Privatization is followed by a 1.1-percentage- point increase in the 5-year mean ratio of operating income to sales as firms catch up with the global standard of industry-matched control groups and by a 2.3-percentage-point decrease in the next 5-year mean ratio. Indeed, the previously documented striking achievements were merely a reflection of the world business cycle, the pace of economic activity in general, and the technological innovations during the last three decades.

목차

Abstract
 1. Introduction
 2. The Sample
 3. Basic Results
  3.1. Raw Data
  3.2. Industry-Adjusted Data
  3.3. Robustness and Interpretation of the Results
 4. The Role of Market Power and Corporate Governance
 5. Economic Development and Operating Performance
 6. Privatization and Restructuring: Panel Regression Analysis
 7. Conclusion
 REFERENCES
 Table
 Appendix

키워드

저자

• Jang Woo Lee [ Professor, Department of Business, College of Business, Pusan National University, Busan, South Korea ]
• Seung Doo W. Choi [ Professor, Dept. of Finance, Dongeui University, Busan, South Korea ]
• William Megginson [ Professor of Michael F. Price College of Business, University of Oklahoma, Norman, USA ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330